RYAM Breaks Ground on 70 MW Biomass Project, Unlocking $8-10M Annual Distributions
RYAM sits 49% above its 52-week low of $5.38.
Summary
RYAM announced construction is underway on Altamaha Green Energy, a 70 MW biomass cogeneration project at its Jesup, Georgia site. The project, developed with Albioma and Beasley Group, will sell renewable power to Georgia Power under a long-term PPA and supply process steam to RYAM's facility. RYAM retains a 14% equity stake (option to 16%) and expects $8-10 million in annual distributions once operational in 2029. The capital-light structure also avoids about $30 million in future capex for legacy utility upgrades. This follows the activist investor disclosure in July and the strategic review mentioned in Q2 filings, adding a concrete value-unlocking initiative. Watch for further details on the strategic review conclusion and any updates on project financing or construction milestones.
At the time of this announcement, RYAM was trading at $8.01 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $541.8M. The 52-week trading range was $5.38 to $11.85. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.